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Possible Bullish Inside Day Candle Pattern Detected for Broadcom Ltd (NASDAQ:AVGO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Broadcom Ltd (NASDAQ:AVGO) based on the price action in the company's shares. Yesterday's price range of $299.67 and $300.72 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Broadcom Ltd may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Broadcom Ltd share prices have been bracketed by a low of $230.76 and a high of $331.20 and closed yesterday at $301.18, 31% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

Broadcom Inc. designs, develops, and markets digital and analog semiconductors. The Company offers wireless RF components, storage adapters, controllers, networking processors, switches, fiber optic modules, motion control encoders, and optical sensors. Broadcom markets its products worldwide.

There is potential upside of 3.1% for shares of Broadcom Ltd based on a current price of $301.18 and an average consensus analyst price target of $310.39. The stock should find resistance at its 50-day moving average (MA) of $314.11, as well as support at its 200-day MA of $293.83.

SmarTrend is monitoring the recent change of momentum in Broadcom Ltd. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Broadcom Ltd in search of a potential trend change.

Keywords: bullish am inside day candle broadcom ltd

Ticker(s): AVGO